BHP FY2026 Results Show Profit Surge From Copper

BHP reported FY2026 results on Aug. 17, 2026, saying record copper earnings and resilient iron ore drove stronger profit and revenue and prompted the highest annual dividend in four years.

Profit and Earnings Mix

For the year ended June 30, 2026, BHP’s underlying attributable profit rose about 30% to US$13.2 billion. Total attributable profit increased about 9% to roughly US$9.8 billion. Revenue climbed about 15% to US$58.8 billion, while underlying EBITDA rose about 27% to roughly US$33 billion, implying an EBITDA margin near 59–60%. Return on capital employed was about 26%. Net operating cash flow increased about 17% to roughly US$21.8 billion.

Copper Leads Earnings Mix

Copper generated about US$18.2 billion of underlying EBITDA, accounting for roughly 54% of group EBITDA—the first time copper contributed more than half of BHP’s earnings mix. The segment posted an EBITDA margin near 70%, the highest among BHP’s commodities. Copper production was about 1.953 million metric tonnes, down roughly 3% year on year, though management described output as about two million tonnes for the second consecutive year. Average realized copper prices rose about 35% year on year to around US$5.74 per pound, supporting record segment earnings.

Western Australia Iron Ore delivered record production and generated operating earnings of about US$14.7 billion, roughly in line with the prior year. Improved performance in the coal portfolio also supported group revenue.

Dividends and Balance Sheet

BHP declared total FY2026 dividends of US$8.7 billion, or US$1.72 per share, marking its highest annual payout in four years. The final dividend was US$0.99 per share, equivalent to about US$5.0 billion, representing a 72% payout ratio on second-half earnings. The full-year payout ratio was about 66% of underlying attributable profit. The company has returned more than US$115 billion to shareholders over time.

Net debt at June 30, 2026, stood below US$9 billion, around US$8.7 billion, beneath BHP’s target range of US$10–12 billion. Management said proceeds from an Antamina silver-streaming transaction helped unlock capital for returns. The results also recorded a US$2.0 billion item related to the Samarco Brazil Agreement, shown as a cash outflow.

For FY2027, BHP’s copper production guidance is 1.65–1.8 million metric tonnes, down from FY2026 levels. Management signaled plans to invest billions in expanding its copper and potash businesses over the coming decade. They emphasized accelerated project delivery, productivity gains, and maintaining strong customer and labor relationships while balancing dividends and balance-sheet strength.